Altice raises €1.61 billion in capital increase

NickKostov

Patrick Drahi's holding company Altice NV (ATC.AE) said Thursday it raised EUR1.61 billion ($1.80 billion) by selling new stock to finance its acquisition of U.S. company Cablevision Systems Corp.
CVC, -1.43%

Altice sold 69,997,600 A shares and up to 24,825,602 B shares, which carry higher voting rights, in what was the first stock sale since Mr. Drahi re-domiciled the company in the Netherlands in August. Shares were priced at EUR17 apiece.

Shares in Altice NV fell 9.4% to EUR17 on Thursday, adding to losses in recent days, as investors fretted over the rising costs of financing the company's appetite for big acquisitions and its decision to sell new stock.

Mr. Drahi has traditionally funded his acquisitions with debt but the move to the Netherlands means the billionaire can now raise tens of billions of dollars by issuing new shares without losing control of the company.

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